flashing check engine light

I have a 2005 3.0 ranger, during rapid acceleration, ie merging onto the interstate, the check engine light flashes for about 5-10 sec. During this time, the rpms drop and it will not accelerate, afterwards the light stops flashing and everything goes back to normal. It doesnt happen every time, just from time to time. Could this be caused by a bad air filter? Any thoughts?
Derrick

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The flashing CEL means that misfire is currently being detected by the PCM. The most common cause is deteriorating ignition components like plugs and wires or possibly coils. If it has been a long time since the plugs and wires were replaced, look there first.

Although less common, a flashing CEL could also be caused by a significant air/fuel mixture problem. A severely clogged fuel filter or air filter could do it among other things.

also the flashing check engine light means that if you keep driving it will cause serious damage to your engine

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More correctly, there could be damage to the catalytic converter(s). The flashing CEL is reporting misfire and, during misfire, the cat temperature may increase enough to permanently reduce catalyst efficiency. If allowed to go higher yet, internal temperature could even melt the ceramic substrate of the converter.